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Aspirin maker Bayer's earnings disappoint

Frankfurt - German chemicals and pharmaceuticals giant Bayer, maker of Aspirin painkiller, said on Wednesday its net profit surged 13% in the second quarter but disappointed expectations due to the strength of the euro.

Net profit for the period from April to June jumped to €953m, boosted by demand for new drug lines and fertilisers.

Analysts polled by Dow Jones Newswires had expected a slightly better figure of around €992m.

Turnover climbed just 0.9% to €10.5bn during the same period.

"The company again had to weather significantly negative currency effects, which however were offset by strong business development," it said in a statement.

The impact of a strong euro on sales led the company to adjust its full-year outlook downward.

Bayer said that adjusted earnings before interest, taxes, depreciation and amortisation, or Ebitda, were now expected to fall by around €550m compared with the previous forecast of €450m.

It expects group sales, adjusted for currency and portfolio effects, to rise 6% instead of the previously forecast 5%.

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